Photo credit: Getty Images
What the numbers say about the projected growth of the eyewear market
Dec. 20, 2023
Significant growth is forecast for the global eyewear market by 2027, according to a press release issued by Technavio Research.
Lifestyle changes, prolonged use of digital devices and an aging population contribute to the increased need for eyewear, making it a significant segment within the healthcare and fashion industries. Moreover, continuous innovations in product designs, materials and functionalities further boost the market, catering to diverse consumer preferences and needs.
What Growth Trajectory is Anticipated for the Eyewear Market Between 2023 and 2027?
The eyewear market is projected to experience significant growth, estimated at a Compound Annual Growth Rate (CAGR) of 7.9 percent during the period from 2022 to 2027. This growth is expected to yield an approximate increase of USD 76 billion in market size.
What Are the Primary Drivers of the Eyewear Market’s Expansion?
The primary drivers fueling the growth of the eyewear market include the increasing prevalence of vision-related disorders globally. Roughly three-fourths of individuals in APAC and one-third in Europe and the U.S. experience myopia or hypermetropia. Cataracts, age-related macular degeneration (AMD), diabetic retinopathy and glaucoma further contribute to this demand, especially among the aging population.
Other Articles to Explore
What Key Trend is Influencing the Eyewear Market’s Growth?
Cataracts represent one of the foremost causes of vision disorders globally, with approximately 5,000 cataract operations performed per million people yearly.
As individuals age, susceptibility to eye diseases like age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts increases. Uncorrected refractive errors remain a primary cause of vision impairment in both children and adults, contributing significantly to the heightened demand for eyewear. Download the sample report for more insights on market trends.
What Challenges Does the Eyewear Market Face Amidst its Growth?
Despite its growth, the eyewear market encounters challenges such as the proliferation of counterfeit products and the rising adoption of omnichannel distribution systems. Online shopping has gained considerable traction worldwide, with emerging players opting for online platforms to launch their products.
This trend necessitates extensive digital marketing strategies and effective online-to-offline strategies to maximize customer reach and enhance the volume and value of eyewear sales. While the online channel offers cost advantages and broader product reach, it also requires companies to adapt to dynamic consumer demands by offering customization services, such as virtual fitting and home product trials, which are both opportunities and challenges for market players.
Which Region is Expected to Contribute Significantly to the Eyewear Market’s Growth, & What Factors Drive this Contribution?
Europe is anticipated to contribute approximately 31 percent to the Eyewear Market during the forecast period. This contribution is driven by factors like rising household incomes, increased demand for high-quality healthcare products, and continuous innovations by market leaders. A substantial proportion of European consumers invest in premium eyewear brands. The market in Europe is expected to witness growth due to new product launches, innovative product designs and efforts by market players to expand their customer base.
